China-based Ningbo Menovo Pharmaceutical Co., Ltd (SHA: 603538) has announced plans to raise up to RMB892 million (USD131.6 million) through a private placement. The net proceeds will be used for the creation of an active pharmaceutical ingredients (APIs) and intermediates program with an annual output of 3,760 tons, as well as supplementary working capital.
Company Ambitions
The aim of the fundraising is to increase the product variety and sales of APIs and intermediates. Menovo, which focuses on the cardiovascular, central nervous system, and gastrointestinal digestive tract segments, has the ambition to extend to other specialty API fields. The company plans to leverage its R & D capabilities, cost advantages, and process and technology in terms of APIs to achieve this expansion.-Fineline Info & Tech
